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Employing people in the financial services sector in the UK

12 June 2024

With so much to consider when running your business, employing people can be another complex aspect to navigate. Not only is there ever-changing employment legislation to comply with, but if you are an FCA-regulated business, you have other stipulations that govern how you manage your people operations.

Setting up as an employer for the first time requires you to meet UK Government minimum employment law requirements. As a minimum, this includes a contract of employment and key essential employment policies. The government sets out the timeframes in which you must provide these documents to your employees; even if you have just one employee, it is necessary.

But being compliant isn't your only consideration when employing people. The nature of your business and how you wish to operate is a key component. You may wish to include operational aspects in your employment offering. Making it clear from the outset what employees must comply with in order to secure their employment will save problems and disputes arising should something unexpected occur. For example, do you stipulate what your offer of employment is conditional upon that covers all eventualities? Perhaps an issue with cooperation on employee background screening, or the discovery of an ill health concern that puts an employee’s health and safety at risk. Sometimes, unforeseen circumstances can make your original offer difficult to fulfill. Without clear conditions and responsibilities of both parties, it can result in time-consuming legal disputes, and be very unsettling for both you and your employee.

Well-thought-out policy and associated documentation provided from the outset enable businesses to operate transparently, efficiently, and with reduced risk

Our specialist HR consultants can help you consider, devise, and articulate your policy and operations with compliant documentation. If you would like us to assist, please contact us.

 

 

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